Household wealth in the United States is continuing to rise every year. Japan has dropped to the second wealthiest nation surpassed by China, according to a report on global wealth by Credit Suisse.
Global wealth has risen by $14 trillion or 4.6 percent, reaching $317 trillion. The rate of increase was lower than the previous year but has increased above the average growth rate in the post-2008 era, according to the report.
Wealth per adult and total wealth have continued to increase every year since 2008, even during the drop of global wealth in 2014 and 2015. Credit Suisse reported, America has accounted for 40 percent of the world’s wealth since 2008, and 58 percent of the increase of wealth since 2013.
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Global Wealth is Rising
The yearly report shows that wealth around the world is continuing to increase at a moderate pace. The rise in part reflects the continued rise in equity markets. But overall, rising global wealth was due to rises in non-financial assets owned by the middle-class.
The report said, “Financial assets…continue to make a substantial contribution to the growth of household wealth, accounting for 41 percent of the increase in gross wealth worldwide, and more than two-thirds of the rise in North America.” There are signals that wealth inequality is at a standstill, which would mitigate the impact of any declines on the middle classes.
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